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Dongbu Corporation Consortium’s Acquisition of Hanjin Heavy Industries & Construction

2021. 09. 03

Yoon & Yang has successfully advised Dongbu Corporation Consortium, which consists of Dongbu Corporation, Echoprime Marine Private Equity Fund, and NH-OPUS Corporate Financial Stability Private Equity Fund, on its acquisition of Hanjin Heavy Industries & Construction (“HHIC”) from Korea Development Bank and other shareholders.  Yoon & Yang advised the Consortium on all aspects of the transaction, including participation in bidding, legal due diligence, review of the share purchase agreement, negotiations, financing, and government approvals.  Yoon & Yang further provided comprehensive advice on a variety of legal matters such as agreements between investors, establishment of PEF and SPC, and business combination reporting to the KFTC.
 
This transaction is meaningful because the Consortium’s acquisition of 66.85% of HHIC’s shares is expected to facilitate business normalization and end monitoring by creditor financial institutions.  Prior to the acquisition, HHIC was not only facing heighted scrutiny from creditor financial institutions but had also entered into agreements to normalize its business.  
 
Yoon & Yang’s M&A practice team played an integral role in the transaction by navigating various legal issues and providing practical solutions.  Significantly, the team effectively reconciled the interests of numerous creditor financial institutions, including that of a Philippines creditor financial institution, and coordinated among the Consortium members.  The team also successfully represented the Consortium before regulatory authorities in connection with filing of the business combination report and the Defense Acquisition Program Administration approval. 

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